So what has led to the rise of anti-globalization sentiments in the West? The key reason is the increasingly unequal distribution of the economic pie despite the fact that it is growing larger.
In sum, policymakers in some Western countries should pull their heads out of the sand to find better answers to their long-standing socio-economic problems and stay open-minded. This may not be easy, but it is necessary.
John Bellamy Foster, a professor of sociology at the University of Oregon, quotes the Asian Development Bank in his book "The Endless Crisis: How Monopoly-Finance Capital Produces Stagnation and Upheaval from the USA to China." He wrote, "Chinese workers that assemble iPhones for Foxconn, which subcontracts for Apple (in China), are paid wages that only represent 3.6 percent of the final total manufacturing cost (shipping price), contributing to Apple's huge 64 percent gross profit margin over manufacturing cost on iPhones."
This year marks the 40th anniversary of China's reform and opening-up policy. On the occasion of the Boao forum, President Xi is expected to unveil a set of major new measures on reform and opening-up, according to Chinese Foreign Minister Wang Yi. It demonstrates that, despite rising anti-globalization sentiment around the world, China remains a staunch supporter and champion of globalization and a fairer world order.
The rich countries boast the largest number of the biggest multinational corporations (MNCs), like Apple, McDonald's and IKEA. These MNCs have operations overseas, where operation costs are lower, to jack up their profits and then remit back the lion's share of that, leaving the assembly line workers in developing countries with only crumbs.